May 29, 2024
Commercial Seaweed Market

The Commercial Seaweed Market is thriving on Sustainable Aquaculture

The commercial seaweed market involves the farming and harvesting of various types of macroalgae including red, brown and green seaweeds. Seaweeds are cultivated and processed to produce food additives, supplements, animal feed ingredients and hydrocolloids that find applications across industries. Seaweeds contain high fiber, minerals, vitamins and antioxidants essential for nutrition. The farming of seaweeds is considered environmentally sustainable as it provides habitat and food for marine life while absorbing carbon dioxide and producing oxygen.

The Global Commercial Seaweed Market is estimated to be valued at US$ 12.67 Bn in 2024 and is expected to exhibit a CAGR of 2.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Commercial Seaweed Market Size are E.I. Du Pont de Nemours and Company, Travena Organic Solutions Ltd., Cargill Inc., Roullier Group, Leili Group, Biostadt India Limited, Compo GmbH & Co. KG, Acadian Seaplants Limited, Gelymar SA, BrandT Consolidated, Inc., Seasol International Pty. Ltd., CP Kelco., West Coast Marine Bio-Processing Corp., Chase Organics GB Limited, Indigrow Ltd., Acadian Seaplants, Algaia SA, and The Seaweed Company.

The growing demand for food additives, supplements and ingredients from industries like food and beverage, personal care and agriculture is driving the commercial seaweed market growth. Seaweeds are gaining popularity as a sustainable and nutrient-rich crop alternative to land plants.

The commercial seaweed market is expanding globally on the back of rising seaweed production in Asia Pacific and Europe regions. Countries like China, Indonesia, the Philippines and Korea are leading commercial seaweed producers catering to the increasing international demand.

Market Key Trends

Sustainable aquaculture of seaweeds is one of the key trends shaping the Commercial Seaweed Market. Seaweed farming is an environment-friendly way to meet the burgeoning demand without depleting wild seaweed stocks or damaging marine ecosystems. It offers livelihood to coastal communities and supplementary income to fishermen. Global efforts to promote seaweed as a ‘climate-smart’ agricultural crop will support the commercial seaweed market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: Low capital requirement but high technical expertise required for seaweed cultivation.

 Bargaining power of buyers: High as commercial seaweed has many substitutes and buyers can easily switch between suppliers.

Bargaining power of suppliers: Moderate to high as a few number of companies dominate commercial seaweed production globally.

Threat of new substitutes: Moderate threat from other agro-based ingredients and lab-grown meat substitutes. Competitive rivalry: High as the market is concentrated among top players and price based competition is high.

Geographical regions

Asia Pacific region accounts for around 65% of the global commercial seaweed market value due to major seaweed producing countries like China, Indonesia, Philippines and Korea. China alone contributes to over 30% of the global seaweed production.

Fastest growing region
North America region is expected to witness highest CAGR of around 3.5% during the forecast period. This is attributed to increasing demand for seaweed and seaweed extracts from food, personal care and agriculture industries in the US and Canada. Rising health consciousness is further driving the demand in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it